JSA Advises A91 Emerging Fund on Pushp Brand IPO OFS
JSA Advocates & Solicitors is advising A91 Emerging Fund I LLP in connection with the proposed JSA Pushp Brand IPO — the initial public offering of Indore-based packaged spices and food manufacturer Pushp Brand (India) Limited. Pushp Brand (India) has filed its Draft Red Herring Prospectus (DRHP) with SEBI for the proposed IPO. The issue is structured entirely as an Offer for Sale, with no fresh capital component.
Introduction
The issue is entirely an Offer for Sale of up to 7,445,000 equity shares by existing shareholders, including promoters Surendra Kumar Surana and Mahendra Kumar Surana, along with investor selling shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III. Since the IPO is fully an OFS, the company itself will not receive any proceeds from the public issue — all funds will go directly to the selling shareholders.
Founded in 1974 in Indore, Madhya Pradesh, the company has grown from a regional spices business into a packaged spices and food player under the Pushp and Munimji brands. ICICI Securities, IIFL Capital Services and Systematix Corporate Services are the book-running lead managers to the issue.
Legal Teams Involved
JSA Advocates & Solicitors is acting as counsel to A91 Emerging Fund I LLP (investor selling shareholder) in connection with the proposed IPO.
The JSA Capital Markets team comprises:
- Madhurima Mukherjee Saha, Partner
- Shivali Singh, Partner
- Priyanshi Bajaj, Associate
- Tisa Padhy, Associate
Further details regarding counsel to other selling shareholders or to the book-running lead managers were not disclosed.
Significance and Impact
Pushp Brand has raised around $28 million (₹225 crore) across two funding rounds from A91 Partners and Sixth Sense Ventures; A91, which invested around ₹125 crore in 2020, held a 20.14% stake as of the DRHP filing date. The proposed IPO represents a partial exit for A91 after more than five years of holding, underscoring the fund’s confidence in public market conditions for consumer-brand investments.
On a fully diluted pre-offer basis, promoters Mahendra Kumar Surana and Surendra Kumar Surana held 35.55% each, which will reduce to 32.56% each post-OFS, while A91 Emerging Fund will see its stake drop from 20.14% to 5.13%. Revenue from operations rose to ₹481.94 crore in FY26, while restated profit increased to ₹58.95 crore and EBITDA grew to ₹84.19 crore over the same period.
This transaction also continues a long-standing advisory relationship between JSA and A91 on the Pushp platform, having previously advised A91 Partners on a secondary sale of approximately 7% of its stake in Pushp to Sixth Sense.
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Conclusion
The proposed Pushp Brand IPO is a clean OFS transaction that provides a partial liquidity event for A91 Emerging Fund I LLP and the company’s promoters. JSA Advocates & Solicitors, led by Madhurima Mukherjee Saha, continues its multi-year advisory relationship with A91 on this platform. Further details on pricing, listing timelines, and SEBI observations were not disclosed at the time of filing.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
